Gold-Silver Price: Stormy boom continues in gold, first reached Rs 83,000, silver also increased prices

New Delhi: Gold prices continued to rise in the eighth consecutive session in the bullion market in the national capital on Friday amidst strong purchases due to the uncertainties of the global market. Climbed Rs 200 to cross the psychological level of Rs 83,000 per 10 grams for the first time. The All India Bullion Association said that gold with 99.9 percent purity rose by Rs 200 to a new all -time high of Rs 83,100 per 10 grams. Earlier on Thursday it closed at Rs 82,900 per 10 grams.

Senior analyst of Commodity Affairs at HDFC Securities, Soumil Gandhi, said that gold continued on Friday and the domestic market reached the new all -time high level. Gandhi said that the current boom in gold is a result of uncertainty in the US and other policies of President Donald Trump.

Gold purchasing as a safe investment

In the current situation, gold shopping has gained jump as a safe investment. Gold with 99.5 percent purity also rose by Rs 200 to a record level of Rs 82,700 per 10 grams, while in the last trading session it closed at Rs 82,500 per 10 grams. Apart from this, silver also rose by Rs 500 to Rs 94,000 per kg on Friday. Silver closed at Rs 93,500 per kg in the last trading session. Comex gold futures in international markets increased by $ 15.50 an ounce to $ 2,780.50 an ounce.

What did the experts say?

Kayanat Chanwala, Assistant Vice President (Commodity Research) of Kotak Securities, said that investors may monitor PMI data for early signs of economic activity in major global economies. For further information about the economy, the housing figures released in the US will also be monitored. Comex silver futures also increased by 1.53 percent to $ 31.32 an ounce in Asian business.

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Jatin Trivedi, Vice President (Commodity and Currency), Department of Research Analysis of LKP Securities, said that investors will also be eyeing the upcoming Union Budget and the interest rate decision of the US Federal Reserve. These are the major developments that decide the future direction for bullion prices.